Fullerton India H1 profit zooms to Rs 56.9 cr

OUR BUREAUNov 21, 2012, 12.46PM IST

New Delhi: Fullerton India Credit Company Ltd has reported a significantly-improved profit after tax (PAT) of Rs 56.9 crore for the six-month period ended September 30, 2012 (unaudited) against Rs 5.95 crore in the six-month period ended September 30, 2011. The company's revenues for the half year ended September 30, 2012 were Rs 563 crore as against Rs 468 crore for the half year ended September 30, 2011, which is 20% higher than that in the corresponding period of the previous year. Assets under management grew by 27% to Rs.4,365 crore during this period. "The asset quality continues to be healthy and reflects the strong risk management practices adopted by the company," said a company press release. Fullerton India has a diversified product suite which includes mortgage Loans, SME & business loans, commercial vehicle loans, two-wheeler loans and personal loans and offers these products in urban locations, across 21 states. The company is rapidly increasing it mortgage-backed lending to the SME segment and has innovated differentiated product offerings to address various business needs of this segment. The company now has a total of 350 branches and has increased its presence in the rural markets to 117 Gramshakti branches covering 125 towns and 12,500 villages. Shantanu Mitra, Managing Director and CEO, said, "We have posted a strong performance in the first half of the year and expect to continue this growth over the remainder of the financial year. With the recent infusion of additional capital and Tier 2 capital we are more than adequately capitalised at 21.59%. We continue to invest in our network and have added 30 new branches in the last six months." "I am particularly pleased with our progress on our strategy to grow our secured business and offering customised financial solutions in the segments we serve and have recently launched housing finance and mortgage loan products for the rural markets. Given our wide rural network, which covers over 12500 villages, we are excited at the growth prospects through these products," he added.